Revolution Money
Encyclopedia
Revolution Money is a financial services
company whose products include a PIN-based credit card
, online person-to-person payments service with a linked stored value card, and gift card. Revolution Money is the first new payment brand introduced in the United States since Discover Network in 1985, and is the only credit card that does not charge retailers interchange fee
s.
Revolution Money's site was visited by only 33,000 people in the U.S. even in February, down from a marketing-fueled high of 742,000 a year before in March, 2008. Revolution Money is based in St. Petersburg, Florida
.
Revolution Money has three products: RevolutionCard, Revolution MoneyExchange and RevolutionGift. RevolutionCard is a credit card. Revolution MoneyExchange provides free online money transfers between members and the card linked to the account can be used at retailers and ATMs. Revolution MoneyExchange accounts are issued by First Bank and Trust
.
On November 18th, 2009, American Express announced that it would acquire Revolution Money for 500 million USD and finally did for 300 million USD.
RevolutionCard (click on this page for card image) is a PIN
-based credit card
. The card itself has no name, signature, or account number so, if lost or stolen, it cannot be used unless the PIN is known. 150,000 merchant
s currently accept RevolutionCard, and it was projected that 1 million locations would accept it by the end of 2008.
In 2009, that plateau hadn't been reached, but Revolution Money expect to do it with a new partnership with Chase.
Even accepted by many merchants, Revolution Money still an under-subscribed system due to its low income to banks, and in certain cases losses.
Consumers receive a credit
approval decision instantly when applying for the RevolutionCard. RevolutionCard works with multiple banks to providing a broad spectrum of interest rate
s for card applicants. RevolutionCard charges merchants a 0.50% transaction processing fee and no interchange fee
. Revolution Money then helps retailers turn some of their savings into rewards or discounts for consumers. RevolutionCard’s network is built on a rules-based, proprietary technology using the Internet
as the backbone for transactions.
Revolution MoneyExchange
Revolution MoneyExchange is an online payments service
that lets users send and receive money
. There are no fees charged for online transfers between accounts. The Revolution MoneyExchange Card is a stored-value card
that allows account holders to access their funds for purchases at merchant locations on the RevolutionCard network and for cash withdrawals at ATM
s nationwide. Revolution MoneyExchange is available only to people in the United States
.
RevolutionGift
RevolutionGift is a prepaid PIN-based gift card
. Like the RevolutionCard, there is no account number printed on the card. RevolutionGift card must be activated before use.
Revolution LLC
Revolution Money is a division of Revolution LLC
and Mirage Investments, LLC, an investment firm founded by Steve Case
, the founder of AOL
and co-CEO of Mirage Investments, LLC.
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
company whose products include a PIN-based credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
, online person-to-person payments service with a linked stored value card, and gift card. Revolution Money is the first new payment brand introduced in the United States since Discover Network in 1985, and is the only credit card that does not charge retailers interchange fee
Interchange fee
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card based transactions. Usually it is a fee that a merchant's bank pays a customer's bank however there are instances where the interchange fee is paid from the issuer to...
s.
Revolution Money's site was visited by only 33,000 people in the U.S. even in February, down from a marketing-fueled high of 742,000 a year before in March, 2008. Revolution Money is based in St. Petersburg, Florida
St. Petersburg, Florida
St. Petersburg is a city in Pinellas County, Florida, United States. It is known as a vacation destination for both American and foreign tourists. As of 2008, the population estimate by the U.S. Census Bureau is 245,314, making St...
.
Revolution Money has three products: RevolutionCard, Revolution MoneyExchange and RevolutionGift. RevolutionCard is a credit card. Revolution MoneyExchange provides free online money transfers between members and the card linked to the account can be used at retailers and ATMs. Revolution MoneyExchange accounts are issued by First Bank and Trust
First Bank and Trust
Founded in 1991, First Bank and Trust is a New Orleans-based independent bank with branch locations across the Gulf Coast .The main office is located in Downtown New Orleans inside the First Bank and Trust Tower...
.
On November 18th, 2009, American Express announced that it would acquire Revolution Money for 500 million USD and finally did for 300 million USD.
Products
RevolutionCardRevolutionCard (click on this page for card image) is a PIN
Personal identification number
A personal identification number is a secret numeric password shared between a user and a system that can be used to authenticate the user to the system. Typically, the user is required to provide a non-confidential user identifier or token and a confidential PIN to gain access to the system...
-based credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
. The card itself has no name, signature, or account number so, if lost or stolen, it cannot be used unless the PIN is known. 150,000 merchant
Merchant
A merchant is a businessperson who trades in commodities that were produced by others, in order to earn a profit.Merchants can be one of two types:# A wholesale merchant operates in the chain between producer and retail merchant...
s currently accept RevolutionCard, and it was projected that 1 million locations would accept it by the end of 2008.
In 2009, that plateau hadn't been reached, but Revolution Money expect to do it with a new partnership with Chase.
Even accepted by many merchants, Revolution Money still an under-subscribed system due to its low income to banks, and in certain cases losses.
Consumers receive a credit
Debits and credits
Debit and credit are the two aspects of every financial transaction. Their use and implication is the fundamental concept in the double-entry bookkeeping system, in which every debit transaction must have a corresponding credit transaction and vice versa.Debits and credits are a system of notation...
approval decision instantly when applying for the RevolutionCard. RevolutionCard works with multiple banks to providing a broad spectrum of interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s for card applicants. RevolutionCard charges merchants a 0.50% transaction processing fee and no interchange fee
Interchange fee
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card based transactions. Usually it is a fee that a merchant's bank pays a customer's bank however there are instances where the interchange fee is paid from the issuer to...
. Revolution Money then helps retailers turn some of their savings into rewards or discounts for consumers. RevolutionCard’s network is built on a rules-based, proprietary technology using the Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
as the backbone for transactions.
Revolution MoneyExchange
Revolution MoneyExchange is an online payments service
Electronic money
Electronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...
that lets users send and receive money
Money
Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past,...
. There are no fees charged for online transfers between accounts. The Revolution MoneyExchange Card is a stored-value card
Stored-value card
A stored-value card refers to monetary value on a card not in an externally recorded account and differs from prepaid cards where money is on deposit with the issuer similar to a debit card...
that allows account holders to access their funds for purchases at merchant locations on the RevolutionCard network and for cash withdrawals at ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s nationwide. Revolution MoneyExchange is available only to people in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
RevolutionGift
RevolutionGift is a prepaid PIN-based gift card
Gift card
A gift card is a restricted monetary equivalent or scrip that is issued byretailers or banks to be used as an alternative to a non-monetary gift....
. Like the RevolutionCard, there is no account number printed on the card. RevolutionGift card must be activated before use.
Revolution LLC
Revolution Money is a division of Revolution LLC
Revolution LLC
Revolution LLC is a principal investment firm and the parent company to several companies including Revolution Places, a resort management company, Revolution Health, a personal health care network, Revolution Living, a personal wellness network, and Revolution Money, a Web 2.0 payment platform...
and Mirage Investments, LLC, an investment firm founded by Steve Case
Steve Case
Stephen McConnell "Steve" Case is an American businessman best known as the co-founder and former chief executive officer and chairman of America Online . Since his retirement as chairman of AOL Time Warner in 2003, he has gone on to build a variety of new businesses through his investment...
, the founder of AOL
AOL
AOL Inc. is an American global Internet services and media company. AOL is headquartered at 770 Broadway in New York. Founded in 1983 as Control Video Corporation, it has franchised its services to companies in several nations around the world or set up international versions of its services...
and co-CEO of Mirage Investments, LLC.
Partners
- Yahoo! SportsYahoo! SportsYahoo! Sports was launched on December 8, 1997. It receives a majority of its information from STATS, Inc., employs various writers, and has team pages for teams in almost every North American sport...
- Fifth Third BankFifth Third BankFifth Third Bank is a U.S. regional banking corporation, headquartered in Cincinnati, Ohio and is the principal subsidiary of holding company Fifth Third Bancorp ....
- List of many retailers accepting the RevolutionCard